PDD Holdings is a Chinese e-commerce group that operates two platforms: Pinduoduo in China and Temu internationally. Pinduoduo is a third-party marketplace where consumers browse and buy products from independent merchants across virtually every product category. Pinduoduo pioneered a "team purchase" model where buyers share listings on social networks to unlock lower prices as group size grows, building a large user base particularly among price-conscious consumers in lower-tier cities. Pinduoduo also operates Duo Duo Grocery, a next-day grocery pickup service, and is the largest platform for agricultural products in China. Temu, launched in the U.S. in 2022, connects consumers across roughly 90 markets globally with merchants and manufacturers rooted in China's manufacturing supply chain, offering merchandise at value prices. Both platforms are pure marketplaces — PDD holds no inventory. PDD earns revenue two ways: online marketing services (merchants pay for visibility and placement) and transaction fees (commissions on each sale). Both revenue streams scale with platform size, creating a flywheel between buyer and merchant growth. PDD is currently running a RMB 100B merchant support program covering fee reductions, logistics subsidies, and consumer coupons, which management frames as long-term ecosystem investment but which is visibly pressuring near-term margins. Temu faces headwinds from the U.S. eliminating the de minimis duty exemption for Chinese-origin goods in 2025, and is adapting by shifting toward local in-market fulfillment models.